Luckin Coffee Inc (LKNCY)

[cono-sur]

Luckin Coffee Receives Delisting Notice from Nasdaq and Plans to Request Hearing

19/05/20, 8:00 AM
BEIJING, May 19, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (the “Company”) (NASDAQ: LK) today announced that on May 15, 2020, it received a written notice (the “Notice”) from the Listing Qualifications Staff (the “Listing Qualifications Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Listing Qualifications Staff has determined to delist the Company’s securities from Nasdaq. The Listing Qualifications Staff cited two bases for the delisting determination: (i) public interest concerns as raised by the fabricated transactions disclosed by the Company in a Form 6-K on April 2, 2020, pursuant to Nasdaq Listing Rule 5101; and (ii) the Company’s past failure to publicly disclose material information, citing a business model through which the previously disclosed fabricated transactions were executed, pursuant to Nasdaq Listing Rule 5250.

The Company plans to timely request a hearing (the “Hearing”) before a Nasdaq Hearings Panel (the “Panel”). The Company will remain listed on Nasdaq, pending the outcome of the Hearing. There can be no assurance that the Panel will grant the Company’s request for continued listing. According to the Notice, the Hearing will typically be scheduled to occur approximately 30 to 45 days after the date of the hearing request.